S hadow Banking

Tobias Adrian, Adam Ashcraft, Hayley Boesky and Zoltan Pozsar

Revue d'économie financière, 2012, vol. N° 105, issue 1, 157-184

Abstract: The rapid growth of the market-based financial system since the mid-1980s changed the nature of financial intermediation. Within the market-based financial system, ?shadow banks? have served a critical role. Shadow banks are financial intermediaries that conduct maturity, credit, and liquidity transformation without explicit access to central bank liquidity or public sector credit guarantees. Examples of shadow banks include finance companies, asset-backed commercial paper (ABCP) conduits, structured investment vehicles (SIVs), credit hedge funds, money market mutual funds, securities lenders, limited purpose finance companies (LPFCs), and the government-sponsored enterprises (GSEs). Our paper documents the institutional features of shadow banks, discusses their economic roles, and analyzes their relation to the traditional banking system. Our description and taxonomy of shadow bank entities and shadow bank activities are accompanied by ?shadow banking maps? that schematically represent the funding flows of the shadow banking system. Classification JEL: G01, G21, G23, G24.

JEL-codes: G01 G21 G23 G24 (search for similar items in EconPapers)
Date: 2012
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Related works:
Journal Article: Shadow banking (2013)
Journal Article: Shadow banking (2012)
Working Paper: Shadow banking (2010)
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